India PCB (Printed Circuit Board) Market Outlook to 2030

India PCB (Printed Circuit Board) Market Overview

• The India PCB Market is valued at USD 5.3 billion, driven by demand from key industries such as automotive, consumer electronics, telecommunications, and industrial machinery. The surge in electronic manufacturing, largely due to government initiatives like the Make in India campaign, has fostered the growth of local production facilities. Increasing applications in automotive and renewable energy sectors, supported by the shift towards high-density interconnect (HDI) technology, have also bolstered the market, aligning it to meet global standards for exports.

• The primary regions dominating the Indian PCB market include Maharashtra, Karnataka, and Tamil Nadu due to their robust manufacturing infrastructure, skilled labor availability, and government-backed electronic clusters. Cities like Bangalore and Pune are prominent hubs for electronic manufacturing, hosting several global players and serving as centers for R&D activities. These regions benefit from established supply chains, favorable policies, and proximity to critical end-user industries, cementing their dominance in the PCB market.
• Under the governments Atmanirbhar Bharat (Self-Reliant India) initiative, local sourcing mandates for electronic components, including PCBs, have been emphasized to support indigenous production. In fiscal year 2024, the Department of Defense plans to allocate approximately $85.76 million for packaging and printed circuit boards, up from $43 million in 2023 and $27.3 million in 2022, indicating a strong focus on enhancing local supply chains.

India PCB (Printed Circuit Board) Market Segmentation

By Product Type: The market is segmented by product type into Single-Sided PCBs, Double-Sided PCBs, Multi-Layer PCBs, and High-Density Interconnect (HDI) PCBs. Multi-Layer PCBs have recently shown dominance in the product type segmentation due to their widespread application in complex electronic devices. These PCBs offer enhanced reliability and support sophisticated circuitry needed for sectors like telecommunications and automotive. The rising trend of miniaturization in consumer electronics further strengthens this segment's market share, as multi-layered boards offer compact designs essential for portable devices.

By Application: The market is segmented by application into Consumer Electronics, Automotive, Industrial Electronics, and Healthcare. Consumer Electronics lead this segment due to the high demand for products such as smartphones, tablets, and laptops. This segment benefits from a surge in digitalization and connectivity needs, propelling the PCB demand in devices that require compact, efficient circuit designs. Rapid technological advancements and an increase in disposable incomes among consumers support the high market share of consumer electronics in the PCB market.

India PCB (Printed Circuit Board) Market Competitive Landscape

The India PCB market is dominated by several key players, who contribute significantly to innovation, expansion, and maintaining competitive prices. This consolidation highlights the influence of both local and international manufacturers in meeting the rising demands of various sectors.

India PCB (Printed Circuit Board) Industry Analysis

Growth Drivers

• Increasing Demand for Consumer Electronics: Indias consumer electronics market is witnessing significant demand, driven by rapid urbanization and increasing disposable income levels, with the World Bank indicating Indias GDP per capita reached USD 2,393 in 2023, supporting electronic consumption growth. As electronic devices increasingly integrate with the Internet of Things (IoT), printed circuit boards (PCBs) play a crucial role in connecting and powering these devices. The electronics manufacturing sector in India has experienced a growth in production output, supporting local supply chains.
• Rising Adoption in Healthcare Equipment: With the rise in healthcare infrastructure investments, Indias medical devices market requires high-quality PCBs for equipment like MRI machines, ventilators, and diagnostic tools. The Ministry of Health and Family Welfare's allocation for the financial year 2024-25 is approximately INR 90,659 crore (or INR 0.906 trillion). The integration of digital and AI-driven diagnostics has fueled the need for precision PCB manufacturing to ensure reliability and accuracy in healthcare applications, boosting PCB demand from the healthcare sector.
• Expansion of Automotive Electronics: India's automotive electronics market is growing due to rising adoption of electric vehicles (EVs) and integration of smart features. This demand drives the need for specialized PCBs in battery management, control systems, and infotainment setups. With India's focus on local EV production, the automotive sector increasingly relies on high-quality PCBs, boosting demand and supporting the development of the domestic electronics ecosystem.

Market Challenges

• High Manufacturing Costs: PCB manufacturing in India faces high costs due to limited advanced local facilities and a reliance on imported technology and components. This dependency on imports significantly increases production expenses, presenting a challenge to competitive pricing. The elevated costs impact the profitability of local PCB manufacturers, making it difficult for them to compete with global players in terms of pricing and efficiency.
• Dependency on Imports for Raw Materials: Indias reliance on imports for essential raw materials like copper and other components remains a major challenge in PCB manufacturing. This dependence affects cost efficiency and heightens exposure to global supply chain disruptions. The reliance on imported raw materials not only raises production costs but also impacts the stability of PCB supply for domestic manufacturers.

India PCB (Printed Circuit Board) Market Future Outlook

Over the next five years, the India PCB market is anticipated to experience steady growth, driven by a robust push for domestic manufacturing, rising demand from electronics and automotive sectors, and increased investment in R&D. The implementation of policies that encourage local production, coupled with technological advancements, is likely to further strengthen the industry. Key players are focusing on eco-friendly production processes, miniaturization, and incorporating advanced materials to align with global sustainability and innovation trends.

Market Opportunities

• Localization of Manufacturing Facilities: Indias push to localize electronics manufacturing, including PCB production, is gaining momentum through initiatives like the Make in India program. Government incentives are encouraging the establishment of PCB fabrication units domestically, fostering self-reliance and reducing import dependence. These localized facilities are set to boost production capacity, create job opportunities, and serve critical industries such as automotive and consumer electronics, strengthening the countrys electronics manufacturing ecosystem.
• Technological Advancements in PCBs: Advancements in PCB manufacturing, particularly with the adoption of technologies like Artificial Intelligence (AI), are improving production quality and efficiency. AI-driven automation is enhancing capabilities for high-density interconnect (HDI) and flexible PCBs, which are vital for sectors like telecommunications and consumer electronics. As companies increasingly adopt these high-precision technologies, Indias PCB industry continues to advance, meeting growing demands for innovative electronics applications.